Jeff Cook Real Estate BlogRecently posted or modified blog posts by tag - Market Update https://www.jeffcookrealestate.com/blog/Copyright JeffCookRealEstate.com2023-02-28T14:39:31-07:00tag:jeffcookrealestate.com,2012-09-20:15740How Do I Know When it's Time to Sell My Home?Many factors are in play when you determine if it’s time to <a href="https://www.jeffcookrealestate.com/sellers/why-sell-with-jeff-cook/">sell your home</a>. You may even be wondering if right now is a good time. Whether you feel a pressing need to sell or are just considering your options, the team at Jeff Cook Real Estate can help you make the best decision. Here are some major considerations for when you should or should not sell your home.
When To Sell Your Home
It’s easy to get caught up in market conditions, news reports, and many other issues that can impact a decision to sell your home. The following factors all make it a good time for you to consider selling your home in the Carolinas.
When Interest Rates Are Low
<a href="https://www.jeffcookrealestate.com/blog/interest-rates-and-buying-a-home/">Low interest rates</a> means that buyers seeking a new home will pay less interest on a mortgage loan. This means their dollars will go further, allowing them to purchase more home for their budget. This also creates more demand, as many people want to buy when interest rates are low. You can benefit because greater demand and buyers with more money to spend can allow you to sell at a higher profit.
When the Supply of Available Homes Is Low
In a “<a href="https://www.jeffcookrealestate.com/blog/faq-what-is-a-sellers-market/">seller’s market</a>,” there are fewer houses for sale and more buyers looking to find a home. This gives you, the seller, appreciable leverage, or negotiating power. You can set a higher price and give away less on negotiated terms because your home is in greater demand and available options are few.
When It’s Time to Relocate
Whether you have the itch to <a href="https://www.jeffcookrealestate.com/blog/should-you-break-up-with-your-house/">break up and start over with a new home</a>, or you need to relocate for your career, you may be looking to <a href="https://www.jeffcookrealestate.com/blog/buying-and-selling-a-house-at-the-same-time/">sell your current home and buy a new one</a> elsewhere. You may need to downsize, upgrade to a home with more space, or just change locations. A voluntary or involuntary move can place equal pressure on you to sell your Carolina home.
When You Have Lots of Equity
<a href="https://www.jeffcookrealestate.com/blog/what-is-equity/">Equity</a> is your property’s actual value after subtracting any liens or other debt attached to the property. As your home’s value increases, you stand to earn a significant profit from selling. This happens as you pay down the mortgage over time, make improvements that raise the home’s value and attractiveness, and other market conditions make your property of greater value.
When NOT to Sell Your Home
Every issue has pros and cons, and selling your home is no different. Here are some circumstances that make it better to hang on to your existing home.
You Have Little Equity
Just as lots of equity creates desirable circumstances for selling your home, not having much equity makes it a poor time to sell. With much of the mortgage left (or even a second mortgage) and closing costs, you may only break even with a sale at the wrong time, or even have to pay some out of pocket just to get rid of it. If you have missed a few mortgage payments or market conditions have actually caused area property values to fall, you may want to hang on to your home for now and wait for better conditions.
There Are Too Many Homes Available
If your local South Carolina housing market is flooded with more homes than buyers — a “buyer’s market” — you should hang on to your home for now. Competing for buyers’ attention and being forced to make expensive compromises places you in a poor selling condition. It is not an impossible situation, but it is definitely one that should give you pause.
You Can’t Afford to Buy Another Home
Of course, if you’re considering selling your home, you will need another place to live. Can you afford to sell your existing home and make a reasonable down payment on a new one where you wish to live? Will your profit from selling cover your remaining mortgage and closing costs, plus leave a respectable profit? If there is any doubt about having enough finances to sell and buy another home, you should wait.
Your Home Needs Work
What will your home look like to potential buyers? Could the kitchen use a <a href="https://www.jeffcookrealestate.com/blog/new-years-resolution-home-edition/">modernization or remodel</a>? Are the bathrooms outdated and worn? These and other issues not only make a home less desirable, but they could force you to lower your asking price so a potential buyer will see the home as a good deal/fixer-upper.
Are you wondering if now is the best time to sell your home in South Carolina? Jeff Cook Real Estate can help! <a href="https://www.jeffcookrealestate.com/">Call or message us online today</a> to speak with a skilled and experienced agent.
<br /><br />2023-02-17T12:00:00-07:002023-02-28T14:39:31-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:13862Buyers Losing Purchase PowerIf you’re considering <a href="https://www.jeffcookrealestate.com/sellers/">selling your home in South Carolina</a>, it’s important to keep abreast of how the current real estate market is trending. Jeff Cook Real Estate pays close attention to markers that reveal the health of our local real estate market, and one of the most significant involves Buyer Purchase Power.
According to Investopedia, <a href="https://www.investopedia.com/terms/p/purchasingpower.asp">Buyer Purchase Power</a> is basically how much consumers can buy with a given amount of money. Consumers lose purchasing power when prices increase. They gain purchasing power when prices decrease.
When dealing with buying and selling real estate, each state has a Buyer Purchase Power Index (BPPI) that is calculated using the state’s average income and the mortgage interest rate. This number fluctuates because average income generally changes very slowly, while interest rates change constantly.
How Does Buyer Purchasing Power Affect Home Prices?
Buyer purchasing power is a major driver for home prices. As purchasing power increases, buyers are able to pay more for a home, and home prices rise. When buyer purchase power falls, home prices will generally decrease. The money is simply not available in many buyer’s budgets to pay top dollar for a home; they have to settle for less. In order to sell a home, a homeowner may have to lower their asking price.
The overall BPPI increased throughout 2019-2020 and into 2021 because mortgage rates declined. This raised buyer purchasing power, or a buyer’s ability to get more for their money. Accordingly, home sales increased and sellers enjoyed the freedom to demand higher prices. Indeed, some price wars were witnessed in the South Carolina housing market as prospective buyers attempted to outbid competitors for desired properties.
Why Are Buyers Currently Losing Purchase Power?
Many factors impact buyer purchase power. <a href="https://www.jeffcookrealestate.com/blog/whats-the-deal-with-interest-rates/">The Fed</a> has indicated that the <a href="https://www.fool.com/the-ascent/federal-reserve-interest-rates/">benchmark interest rate</a> will remain near zero through at least 2023, but some mortgage interest rates are climbing. There is trouble with sustaining a real jobs recovery. As of early 2022, the federal foreclosure suspension and the vast majority of state foreclosure moratoriums <a href="https://www.washingtonpost.com/business/2021/08/03/faq-foreclosure-moratorium-ending/">have expired</a>. All these factors have a negative impact on purchase power.
In the current real estate market, although it’s relatively easy to get your home under contract, not just any agent can get your home closed. Low inventory, high demand, and rising interest rates have made it challenging and stressful for sellers to sell their existing home and purchase another. An average of two out of every three homes make it to the closing table.
This is extremely important if you are a homeowner looking to sell your home. For every percent the interest rates rise, buyers lose 10 percent of their purchasing power. This means buyers who could have afforded a $300,000 home can now only afford the $270,000 home. But add this truth to the mix: low housing inventory and rising home prices make the $300,000 home worth $350,000.
In short, the buyer has now lost 30%-35% of their buying power due to the shifting market and interest rates.
Is Now a Good Time to Sell My Home?
Now is not only a good time to sell your home in South Carolina, but to be sure you close the deal. Jeff Cook Real Estate has the team with professional skills and knowledge to help buyers and sellers get the deals they need for their homes and property. <a href="https://www.jeffcookrealestate.com/">Contact us today</a> and ask to speak with an agent about listing and selling your home in South Carolina. 2022-06-21T06:02:00-07:002022-06-21T04:11:33-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13155Charleston, SC Is AmongThe Nation’s Hottest Real Estate MarketsLife in the low country has always been viewed as preferred living, but now more than ever, <a href="https://www.jeffcookrealestate.com/charleston/">real estate in Charleston, SC</a> is a hot ticket. And if recent real estate trends continue, this may see an even more significant housing boom to impact market trends. Take a look at why Charleston, SC is among the nation’s hottest real estate markets.
Low Country Culture
Southern culture and our way of life has always had a strong appeal. While culture is hard to quantify, there is no doubt that Charleston stands apart when it comes to southern charm. The city is rich in history, culture, great dining and shopping experiences, and fabulous real estate opportunities.
Known for <a href="https://www.jeffcookrealestate.com/blog/moving-to-charleston-charlestons-dog-friendly-restaurants/">fabulous seafood and other uniquely southern cuisine</a>, Charleston also boasts an active nightlife scene, dozens of tourism attractions, fine hotels and charming BnBs, an active economy, top-tier educational institutions, superior medical care, <a href="https://www.jeffcookrealestate.com/blog/moving-to-charleston-top-gyms-to-start-the-new-year/">numerous fitness and exercise venues</a>, and plenty of career opportunities.
Just look at these accolades from 2021:
Charleston ranked as one of the <a href="https://www.natlawreview.com/article/where-to-open-shop-new-report-ranks-best-places-to-do-business-us">best cities in America to do business</a> by AZ State University study.
Charleston ranks #4 <a href="https://www.miamiherald.com/news/business/article250009389.html">Best cities for post-pandemic Life</a> by Today.com
Charleston has <a href="https://www.counton2.com/news/local-news/charleston-county-news/seven-charleston-hotels-ranked-among-best-in-the-world-by-tripadvisor/">7 of the top best hotels</a> in the world according to TripAdvisor.com
U.S. News and World Report’s <a href="https://realestate.usnews.com/places/rankings/best-places-to-live">150 best places to live in the United States</a> places Charleston in the top third.
U.S News and World Report <a href="https://realestate.usnews.com/places/rankings/fastest-growing-places">25 Fastest Growing Cities</a> in 2021 ranks Charleston #19, <a href="https://homesforsalelistings.net/real-estate/sc/myrtle-beach">Myrtle Beach</a> #1, <a href="https://homesforsalelistings.net/real-estate/sc/spartanburg-mls-properties">Spartanburg #12</a>.
<a href="https://www.tripadvisor.com/TravelersChoice-Restaurants-cFineDining-g191">Trip Advisors 2021 Best Fine Dining restaurants</a> in America ranked four restaurants in Charleston in the top 25: Halls Chop House #3, Circa 1886 ranked #9, Peninsula Grill #14, and 82 Queen #25.
For the ninth year in a row, <a href="https://www.travelandleisure.com/worlds-best">Travel + Leisure</a> readers crowned Charleston, South Carolina, the No. 1 city in the United States.
Charleston ranked #2 City in America to retire by <a href="https://wallethub.com/edu/best-places-to-retire/6165">Wallethub.</a> (<a href="https://homesforsalelistings.net/real-estate/sc/columbia">Columbia SC</a> #11)
Mount Pleasant ranks in <a href="https://wallethub.com/edu/best-worst-small-cities-to-live-in/16581">WalletHub’s #9 most livable</a> small city in America
Charleston Ranked #13 as Best Cities in USA for <a href="https://smartasset.com/data-studies/best-cities-for-military-retirees-2021">military retirees by SmartAsset.com</a>
Charleston ranked <a href="https://realestate.usnews.com/real-estate/slideshows/the-30-most-fun-places-to-live-in-the-us?slide=26">#6 Most “Fun” places to live in the USA</a>, by US News.
Porch.com ranked Charleston <a href="https://porch.com/advice/best-cities-for-single-millennials">#1 City in America for Single Millennials</a>.
Charleston <a href="https://wallethub.com/edu/e/best-worst-college-cities-and-towns-in-america/8974">#10 best mid-sized college town</a> in America.
Rising Local Incomes
According to the US Bureau of Economic Analysis, a division of the Department of Commerce, Median Household Income in Charleston, SC <a href="https://www.bea.gov/data/income-saving/personal-income-county-metro-and-other-areas">grew 10.77% from 2019-2020</a>. This is the largest one-year increase observed out of all US metropolitan areas. The average median income now sits at $70,505.
This is a major factor that is driving up prices for real estate in Charleston, SC. Combine this data with an <a href="https://www.postandcourier.com/business/real_estate/inventory-interest-rates-millennials-and-more-what-s-ahead-for-charleston-real-estate-in-2022/article_03eea702-61ce-11ec-a2a0-9f26ecd37ed0.html">almost 40% drop in housing inventory</a>, and the prescription for a jump in home prices is clear. Rising local incomes make it easier for Charleston families to afford housing in this market.
Inbound Migration
The market trend of <a href="https://www.census.gov/topics/population/migration/guidance/user-notes.html">northern residents moving south</a> is nothing new, but those living in the low country are meeting more new neighbors from northern states than ever before. A migration study from one of the country’s top moving firms reveals that South Carolina is the <a href="https://www.unitedvanlines.com/newsroom/movers-study-2021">third-most-popular destination for new movers</a>. Of all moves into and out of South Carolina in 2021, 63% were inbound moves.
According to the <a href="https://www.crda.org/news/2021-exactly-how-many-people-move-into-the-charleston-region-each-day/">Charleston Regional Development Alliance</a>:
The Charleston metro area population is estimated at 819,705 in 2020, an increase of approximately 14,600 people and up 1.8% from 2019 estimates.
This regional growth equates to 40 net new people per day added to our community, 33 moving here and 7 new births.
Of those 33 people moving here each day – 69% are in the prime working ages 18-54. Just 5% are 65 and older.
Buy or Sell Real Estate in Charleston, SC
All this combined with coastal living at its finest — no wonder real estate in Charleston, SC is considered prime property, with many options within the city and around the area for families of all sizes and income brackets. Market trends can fluctuate, but Charleston’s low country appeal keeps it in the top rankings of best places to live.
Jeff Cook Real Estate can help you locate the best home to fit your needs if you are moving to Charleston. Or, if you are looking to sell real estate in Charleston, SC, we can help you sell faster and for a better price. <a href="https://www.jeffcookrealestate.com/">Contact us today</a> with your questions or real estate needs. 2022-03-23T06:32:00-07:002022-03-15T18:52:56-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13152What is the MLS? MLS is an acronym for <a href="https://www.investopedia.com/terms/m/multiple-listing-service-mls.asp">Multiple Listing Service</a>, also used in the plural form, Multiple Listing Services. This is perhaps one of the most important tools when working with a Realtor® for <a href="https://www.jeffcookrealestate.com/sellers/">selling a home</a> or <a href="https://www.jeffcookrealestate.com/buyers/">seeking a home to buy</a>. The first MLS was created in the 1800s and for many decades, Realtors circulated printed catalogs of available real estate listings. Now the MLS is largely online, facilitating a much simpler understanding of the market, as well as easier and faster searches and sales.
Understanding the Market in a Modern Real Estate World
Our modern digital world has vastly improved a widespread sense of understanding the market. <a href="https://www.realtor.com/advice/buy/what-is-the-mls-multiple-listing-service/">Approximately 580 regional MLS databases</a> are accessible instantly to cooperating real estate brokers, allowing them to obtain data about available properties and make real-time updates. Brokers that both list properties for sale and who are seeking available properties for clients to purchase can easily share information and financial arrangements.
These digital MLS databases contain all the available houses for sale by the affiliated brokers, including but not limited to:
Pricing information
Contact information
Photos
<a href="https://www.jeffcookrealestate.com/blog/home-spring-refresh-top-storage-organization-tips/">Square footage</a>
Layout diagrams
Property history
Seller disclosures
<a href="https://www.jeffcookrealestate.com/blog/buying-a-home-what-is-an-hoa/">HOA regulations</a>
Property details
Current property tax rate
Easements
Brokers that subscribe to their local MLS service can also subscribe to gain access to MLS databases in other regions. This allows them to help clients that wish to move into different regions. The data provided contributes to the realtor’s understanding of the market, allowing them to offer better advice to their clients.
MLS listings do more than show who is selling a home and where. They provide valuable pricing information, trends in homes that sell quickly and do not sell easily, and more. Plus, this information is quickly available with just a few clicks, instead of flipping through dozens of pages in a catalog, or searching many different websites for online listings.
Can the MLS Help Me with Selling a Home?
The MLS service is a vital tool in your realtor’s toolbox to help you when selling a home. <a href="https://www.nar.realtor/nar-doj-settlement/multiple-listing-service-mls-what-is-it">MLS effectively levels the playing field</a>, regardless of where you live or the local real estate market. Small brokerages have equal access for listing homes for sale just like multi-state firms. Everyone has equal access to the largest listing of properties for sale in the marketplace.
This places your home before hundreds or even thousands of realtors that represent many thousands of clients who are seeking a new home. Real estate professionals in other areas gain a better understanding of the market where your home is located, which helps them provide the best counsel to their clients about making a purchase. Selling a home has never been easier, especially with MLS databases being available online.
Jeff Cook Real Estate <a href="https://www.jeffcookrealestate.com/communities/">handles MLS listings in the real estate markets</a> of Charleston, Columbia, Greenville, Rock Hill, and Myrtle Beach, South Carolina, and Charlotte, North Carolina, along with dozens of surrounding communities. Selling a home does not have to be the headache many believe it to be — Jeff Cook sees to that! His integrity and intensity result in most listings only spending 27 days on the market before selling. AND, Jeff’s clients receive 99.7% of their original asking price.
Call us today at 855-HEY-JEFF or <a href="https://www.jeffcookrealestate.com/contact/">contact us online</a> and ask about help with selling a home in the Carolinas. If you are seeking to buy a home in our area, no one has a better understanding of the market than Jeff. Call today and let us help you buy the perfect home! 2022-03-15T15:45:00-07:002022-08-26T10:04:03-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:128812021 Real Estate TrendsKeeping up with current real estate trends can help you make wise decisions about property investing or when buying or selling your home. Jeff Cook is an astute real estate professional whose observations are valued and sought after by numerous parties throughout North and South Carolina. Here is a review of real estate trends, particularly the real estate market in SC.
General Observations
As far back as July 2021, buyers and sellers seemed to be on different pages. According to a <a href="https://www.forbes.com/sites/forbesrealestatecouncil/2021/09/02/the-2021-real-estate-market-predictions-for-the-final-quarter/?sh=6edd546e8690">September 2021 article in Forbes Magazine</a>, “Over half of buyers (64%) think it is now a bad time to buy. By contrast, an even higher percentage of sellers (77%) think it is a great time to sell.”
Indeed, throughout 2021, home prices were high, inventory was low, and competition was fierce. <a href="https://www.zillow.com/sc/home-values/">Zillow reports</a> that this was also true of the real estate market in SC. They report that South Carolina home values went up 21.7% from 2020 to 2021. A report on the Fifth District Economy by the Richmond Federal Reserve Bank indicates that <a href="https://www.richmondfed.org/~/media/richmondfedorg/research/regional_economy/reports/snapshot/pdf/snapshot_sc.pdf">SC home values appreciated</a> 20.8% over 2021.
Real Estate Prices
Many different factors contribute to the rise and fall of real estate prices, but the general trends we saw throughout 2021 were high demand and low supply, causing the consequent rise in housing prices.
For an example from the real estate market in SC, homes in Charleston averaged a price of $465,452, up 24.5% over 2020. They also spend about 11 days less on the market before being sold. About 31% of homes sold for above list price.
The market was indeed beneficial for sellers, primarily because of three contributing factors:
Millennials continue to leave urban areas for suburban and rural areas, preferring space and freedom to tight quarters. They can often find a larger property for less outside urban areas, but with fast access to all the amenities urban areas have to offer.
The pandemic opened up more opportunities for remote work, enabling people to live practically anywhere and still earn a comfortable living. Consequently, people and families are choosing to be more mobile, again, trending away from urban areas toward suburban and rural locations.
Supply chain issues continue to plague new home builds, and buyers are looking more toward purchasing existing homes instead of building their own.
Interest Rates
Reports from Freddie Mac indicate that interest rates in early 2021 were at all-time lows, in some areas as low as 2.74%. Of course, rates fluctuate daily according to a wide variety of factors. As recently as January 2022, Freddie Mac predicted that <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-housing-remain-stable-rates-rise-and-prices-cool">mortgage interest rates will rise</a> throughout 2022 and into 2023, from an average of 3.6% in 2022 to 3.9% in 2023. At the same time, they predict that the market will remain stable even as prices taper off.
This seems right in line with the real estate market in SC. US Bank reports that as of February 9, 2022, <a href="https://www.usbank.com/home-loans/mortgage/mortgage-rates/south-carolina.html">average mortgage interest rates</a> for conventional loans on single-family homes in South Carolina were 3.875% with 3.946% APR.
Housing Inventory
Housing inventory is simply the number of homes available in a given market for purchase. Low inventory and high demand seems to be the prevailing conditions across the United States, including the real estate market in SC. The pandemic greatly slowed home sales in 2020, as families were reluctant to allow strangers inside their homes for viewings.
The past year (2021) saw this shifting as home sales rose appreciatively, and market experts predict that it will continue to rise into 2022. The Charleston Post and Courier reported in January 2022 that <a href="https://www.postandcourier.com/business/real_estate/sc-home-sales-climb-to-new-record-in-21-rising-interest-rates-could-temper-buying/article_f1e7cea0-758f-11ec-865e-77c1c093fa2c.html">South Carolina home sales set a new record in 2021</a> and is “expected to remain strong in 2022.”
This may model well for sellers, but continuing supply chain problems will certainly make existing homes for sale at a premium, posing difficulties for buyers across South Carolina.
State of the Real Estate Market in SC
In the report from the Richmond Federal Reserve Bank cited above, “Residential permitting activity fell 13.9 percent in South Carolina from November to December and fell 14.5 percent from its year-ago level. Meanwhile, housing starts in South Carolina fell 20.7 percent in December and were down 12.8 percent from December 2020.”
Mainly due to the supply chain crisis, new home construction is slowed significantly, which means demand for existing homes will remain high for the foreseeable future. Most experts see the pricing surge leveling out, which is good news for potential buyers and investors. Even with higher prices, home sales remain strong.
Many sellers enjoyed multiple offers on their homes, allowing them the luxury of raising their asking price and even fomenting bidding wars. Indeed, it has been a sellers market. But buyers have not been daunted from purchasing desirable properties. As the country has opened back up and families are largely back to work, home purchases throughout the real estate market in SC remain strong.
Are you looking to relocate to South Carolina? The real estate market in SC is littered with desirable and affordable homes for different sizes of families. Jeff Cook Real Estate can help you locate the perfect home for your needs. <a href="https://www.jeffcookrealestate.com/contact/">Call 855-HEY-JEFF</a> when you are ready to buy or sell.
2022-02-21T14:09:00-07:002022-02-16T12:05:57-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:12808Cash Offers are Tempting, But Proceed with CautionIn today’s red-hot real estate market, with inventory low and demand high, it comes as no surprise that real estate professionals and their clients are seeing a best-case scenario play out within just hours of listing — cash offers that eliminate the uncertainty of buyer financing. In a competitive housing market, sellers are finding themselves fielding cash offers like never before as buyers try to avoid bidding wars.
There are two ends of the spectrum when it comes to cash offers, from low-end buyers looking to flip a property, to wealthy individuals who don’t need a mortgage with plenty of cash in the bank. While buyers are quick to accept cash offers since the stress of financing falling through is eliminated, there are some drawbacks that every seller should consider. While the advantages nearly always outshine the negatives of a cash offer, be aware of the potential pitfalls as well.
Quick Closing
Once there is a contract of sale in place, many sellers then begin the house hunting process for their new home. For many, the 60 to 90-day timeline from mortgage underwriting to closing is a welcome delay — buying them time to find their next house and have an offer accepted. However, cash offers move much more swiftly, with some closings happening in just two weeks. All your buyer needs to do is provide proof of funds, and the closing moves forward. If you’re a seller who needs to lock-in a buyer and know the final purchase price before placing an offer on your next home, that ultra-short timeline could leave you in limbo between homes.
Leaving Money on the Table
While there is certainly value in a cash offer in terms of ease and reduced stress, sellers should be careful to not undervalue their home simply for a cash offer. Research indicates that on average,<a href="http://ewfs.org/wp-content/uploads/2022/01/226.pdf"> sellers accept cash offers that are 11% lower than financed offers</a>. On high value properties, this translates to a significant amount of cash left on the table. The other consideration when it comes to valuing your home for a cash sale is the absence of an appraisal. Since it’s the mortgage lender that requires an appraisal to ensure the financed amount doesn’t exceed the value of the home, that step is skipped with a cash offer. With home values rising at unprecedented speed, sellers should do their homework to understand the current market value of their home before accepting a cash offer that might be significantly less.
Demanding Buyers
Cash buyers tend to be very inflexible, from providing only a few hours to accept their offer to demanding certain contingencies. They want to move quickly to prevent a seller from entertaining other offers, whether cash or financed. With a cash offer, buyers often feel they have the upper hand in negotiations, and will apply pressure to work within their timeline and meet their demands.
Despite the increase in cash offers, it’s still considered a non-traditional way to purchase a home. If a cash offer appeals to you, but is leaving you feeling uneasy, there are safer alternatives to get cash for your home and avoid the stress of dealing with a buyer.<a href="https://www.jeffcookrealestate.com/"> Jeff Cook Real Estate</a> can help you determine if a traditional or non-traditional sale is right for you, and if you decide to go the non-traditional route,<a href="https://www.jeffcookrealestate.com/sellers/jeff-cook-offers/"> Jeff Cook Offers</a> can assist in a stress-free way. Their team of real estate professionals can make a fair cash offer on your home with a sales process that offers less hassle and works on your timeline. They’ll simply schedule an appointment with you, you’ll agree on a sale price, and you choose your closing date. For a seller looking to take the stress and uncertainty out of selling their home, Jeff Cook Offers could prove to be the best option.2022-02-07T16:52:00-07:002022-02-09T06:46:32-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:8107Quarterly Real Estate Market Update<img src="https://assets.site-static.com/userfiles/1451/image/Quarterly_Real_Estate_Market_Update.jpg" width="1600" height="1067" alt="Quarterly Real Estate Market Update" />
Spring is here and so are the latest reports of the real estate market! At Jeff Cook Real Estate, we hope to continue to bring you the most accurate predictions of the real estate scene. Here are some statewide insights on the previous quarter from your local real estate experts.
The real estate market got off to a great start in 2020! January and February were busy and produced a solid foundation. Showing traffic was up 20.2% nationwide with people out and about viewing homes!
However, COVID-19’s impact on the economy within the past few months has played a massive role in each industry. Many individuals found they were no longer approved for loans and even more were laid off from their jobs due to the shutdown. Since real estate is considered essential, Jeff Cook Real Estate has continued to serve clients in new and innovative ways. Regardless of the state of the market, we strive to continue providing our clients with quality real estate services.
Here’s a look at some insights on the main areas throughout the state within the last month:
Charleston
Total Closed Sales - 1,672 (up 6.0%)
Days on Market - 62 days
Percentage of Asking Price Received - 96.7%
Greenville
Total Closed Sales - 1,326 (up 9.2%)
Days on Market - 66 days
Percentage of Asking Price Received - 98.2%
Columbia
Total Closed Sales - 1,155 (down 2.0%)
Days on Market - 59 days
Percentage of Asking Price Received - 98.2%
Here at Jeff Cook Real Estate, we are proud to have served over 315 families already in 2020 and we can’t wait to continue growing our reach in the Carolinas!
The number of homes available for sale is lower than last year at this time. This is great news for homeowners! We’re currently in a seller’s market which means there are fewer homes available for buyers. Sellers can be more competitive with their homes’ price because there aren’t as many options for buyers. It is important that you partner with a real estate expert from Jeff Cook Real Estate to guarantee your home sold in the fastest amount of time while receiving the most amount of money.
Jeff Cook Real Estate has been closely monitoring the real estate industry as COVID-19 has been affecting our everyday life. While we have had to change a few aspects of our service, the local experts at Jeff Cook Real Estate are continuing to work hard to serve our clients. Our services have now moved completely virtual and we feel confident that we can best serve our clients throughout the uncertainty of this time.
“The impacts of the coronavirus aren’t anything like the 2008 recession because, in 2008, individuals were electing to slow down. Today, individuals are forced to slow down. Real estate is an essential business and can continue to operate despite the shutdown and here at Jeff Cook Real Estate, it’s business as usual. If you have a property you’re interested in selling, we can help. Just last week in the Charleston market, over 378 homes went under contract. The real estate market is resilient and will continue to gradually increase as other businesses begin to open back up within the following weeks.” - Jeff Cook
Our goal in 2020 is to serve 2,020 families in the Carolinas. As we look to the rest of the year, we’re hopeful that the strong start in January and February can continue pushing the market forward, even in times of uncertainty. The great news is that people are continuing to buy and sell homes through the pandemic! Our experts at Jeff Cook Real Estate can help you navigate any uncertainties that may arise due to the effects of COVID-19. We are confident the market will continue to push business through to the end of the year without stopping.
These numbers are important to know in order to be informed when the best time to list your home is! This is the best time to list your home since it is the busiest time of the year for real estate! Call 855-HEY-JEFF to list yours today! 2020-05-01T11:28:00-07:002020-09-16T14:01:50-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:5944August 2019 Greenville Real Estate Market Update There are multiple opposing factors and trends that are affecting the market in Greenville. The interest rate reduction from the beginning of the summer has not spiked sales the way one would have thought that it might have. Pending sales for the month are down by 55% and the number of days on market is up to 69 days.
The number of new listings has increased and closed sales have increased from last year at this time. Inventory is staying under a 5 month supply, which is still positive news for sellers. The median price is up almost 9%. There seems to be a demand for housing, but rising prices are preventing more people from buying.
Here is a brief summary of the numbers from the August Greenville Market and what they mean for anyone thinking of buying or selling.
New Listings - 1864 (up 8.7% from 8/18)
Rending Sales - 521 (down 55.0 % from 8/18)
Closed Sales - 1505 (up 10.7% from 8/18)
Days On Market - 69 (6.5% from 8/18)
Median Sales Price - $220,000 (up 8.9%% from 8/18)
Percent of Asking Price Received 98.1% (0% from 8/18)
Months Supply of Inventory - 4.7 (up 34.3 % 8/18)
The number of new listings coming on to the market is 8.7% higher than last August but has slowed from last month. Pending sales continue to trend down having decreased 55% to 521 homes. Home prices have gone up 8.9% from last year at this same time. The number of closed sales this August compared to last August has gone up 10.7% and the supply of inventory has gone up to 4.7 months. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
If you are looking to sell your home, call Jeff Cook Real Estate because we are experts at pricing your home correctly in this type of market. If you are a buyer, you need one of <a href="https://www.jeffcookrealestate.com/blog/get-to-know-our-greenville-agents/">our experienced agents</a> on your side to help you navigate the market, call us at 855-Hey-Jeff.
Stay up-to-date and check out the <a href="https://www.rate.com/research/greenville-sc">most current Greenville market updates</a>!2019-09-23T11:18:00-07:002021-01-22T11:02:55-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5943August 2019 Charleston Real Estate Market UpdateIn general, the trends that we have seen so far this year are continuing, which means that there are fewer homes for sale and the prices are inching up. The lack of available homes is particularly evident in the lower price range, where there are most of the buyers who are looking to get into the market. Interest rates are low which is good but the lack of affordable housing is starting to impact the market.
Here is a brief summary of the numbers from the August Charleston Market: and what they mean for anyone thinking of buying or selling.
New Listings - 2,184 (down 0.9%% from 8/18)
Rending Sales - 1,893 (up 25% from 8/18)
Closed Sales - 1,800 (down 4.6% from 8/18)
Days On Market - 54 (up 17.4% from 8/18)
Median Sales Price - $285,000 (up 9.4% from 8/18)
Percent of Asking Price Received -96.2% (- 0.6% from 8/18)
Months Supply of Inventory -3.5 (down 12.5%% from 8/18)
The number of new listings in the Charleston area has remained almost constant in August, and the inventory of available homes has dropped to 3.5 months. This is, of course, not great news for buyers. The number of pending sales is up 25% from last year at this time, which again could be a benefit of the drop in interest rates. Along with this good absorption rate, the slow down in the rate of new listings coming on to the market will keep us in a seller’s market. The median sales price has gone up and the percentage of asking price received has stayed been hovering at around 96%. The month's supply of inventory has been edging downward, which means that it is a good time to sell your home. The home type that is most in-demand in our area is a 4 bedroom home priced between $200,000 and $300,000. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
Here at Jeff Cook Real Estate, we have many more eager buyers wanting to purchase. If you are thinking of <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">selling your home</a>, now is a great time to give us a call to list your home. Call-855-HEY-JEFF today.
Stay up-to-date and check out the <a href="https://www.rate.com/research/charleston-sc">most current Charleston market updates</a>!2019-09-23T11:15:00-07:002021-01-22T11:01:16-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5942August 2019 Rock Hill Real Estate Market UpdateAs we head into fall, opposing factors and trends continue to influence the direction of the Real Estate market. The interest rate reduction from earlier this summer has not spiked sales the way one would have thought that it might have. Prices have risen and the supply of houses has dropped. In particular, the supply of affordable houses has dropped and there are not enough homes that first-time home buyers, who want to buy, can afford. The Rock Hill area, in general, is more affordable than other areas in greater Charlotte, which makes it very attractive to buyers.
Here are the numbers for August 2019, Rock Hill/Charlotte Region:
New Listings - 5,621 (down -1.4%)
Rending Sales - 5,096 (up 18.6%
Closed Sales - 4735 (down 2.9%)
Days On Market - 38 ( same 0%)
Median Sales Price - $257,850 (up 5.2%)
Percent of Asking Price Received 96.9% (up 0.1%)
Months Supply of Inventory 2.3 (down -17.9%)
Demand is strong and there are more buyers in the market than houses on the market. New listings are down, prices are higher and houses are selling quickly. As you can see, the supply of Inventory is very low, making it firmly a seller’s market. If you are a seller looking to sell your home, this is a great market in which to do that. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
Give us a call at <a href="https://www.jeffcookrealestate.com/blog/who-is-jeff-cook-and-why-is-he-in-rock-hill/">Jeff Cook Real Estate-Rock Hill</a> for an accurate estimate of your house’s value in this market. If you are looking to buy, reach out to us for help finding a house. We can give you referrals for financing to purchase and are experts at negotiating. Call us today at 855-Hey-Jeff.
Stay up-to-date and check out the <a href="https://www.rate.com/research-old/rock_hill-sc-29730">most current Rock Hill market updates</a>!2019-09-23T11:12:00-07:002021-01-22T11:00:07-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5997July 2019 Rock Hill Market UpdateThe general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7% in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat. As far as the Rock Hill Real Estate market is concerned, total sales and the number of available houses for sale has declined.
Here are the numbers from the greater Rock Hill/Charlotte area for July.
New Listings - 9,416 (down 15.3% from 7/18)
Rending Sales - 49,796 (up 1.6% from 7/18)
Closed Sales - 4627 (down 7.2% from 7/18)
Days On Market - 44 (0% from 7/18)
Median Sales Price - $247,000 (up 6.2% from 7/18)
Percent of Asking Price Received 96.6% (down 0.4% from 7/18)
Months Supply of Inventory 2.3 (down 14.8% from 7/18)
If you are considering selling your home, this is a great time to do that, as the demand for homes is strong and supply is low. For home buyers, especially those looking for entry-level houses, prices have risen and the number of available homes is low. The good news is that mortgage rates are still low, which helps greatly with affordability. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
If you are a seller, <a href="https://www.jeffcookrealestate.com/blog/who-is-jeff-cook-and-why-is-he-in-rock-hill/">Jeff Cook Real Estate-Rock Hill</a> can assist you in setting the right price for your home, reaching many buyer prospects from in and out of the area, and in handling all the details of a home sale. If you are looking to buy, Jeff Cook Real Estate can help you get pre-qualified and present a strong offer so that you can purchase a home now before prices go any higher. Give us a call at 855-HEY-JEFF today!
Stay up-to-date and check out the <a href="https://www.rate.com/research-old/rock_hill-sc-29730">most current Rock Hill market updates</a>!2019-08-22T07:10:00-07:002021-01-22T10:01:37-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5995July 2019 Columbia Market UpdateThe general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7 in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat.
Here are the numbers from the Columbia area for July.
New Listings - 1785 (up 13.1% from 7/18)
Rending Sales - 1482 (up 13.8 % from 7/18)
Closed Sales - 1397 (up 2.9% from 7/18)
Days On Market - 49 (down 3.9% from 7/18)
Median Sales Price - $187,000 (up 9.8%% from 7/18)
Percent of Asking Price Received 97.9% (0% from 7/18)
Months Supply of Inventory - 2.9 (0% 7/18)
New listings are up 13.1 % and pending sales are also up 13.8%. Prices have risen and the number of days on the market has gone down slightly to 49 days. Sellers are still getting 97.9% of their asking price and months supply of inventory remains at 2.9. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
It is a <a href="https://www.jeffcookrealestate.com/blog/why-now-is-the-best-time-to-sell-your-home/">great time to sell your home</a> in the Columbia area. If you are a buyer, you need to present a strong offer and act decisively when you find a home. At Jeff Cook Real Estate, we can make the selling or buying process fast, simple, and stress-free. Whether you are a buyer or seller, call Jeff Cook Real Estate at 855-HEY-JEFF for information about your neighborhood market, pricing and marketing your home correctly, lending options, and anything else related to real estate.
Stay up-to-date and check out the <a href="https://www.fortunebuilders.com/columbia-real-estate-market-trends/">most current Columbia market updates</a>!2019-08-22T07:07:00-07:002021-01-22T09:56:44-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5994July 2019 Greenville Market Update The general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7% in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat.
Here are the numbers from the Greenville area for July.
New Listings - 1842 (up 12.8% from 7/18)
Rending Sales - 635 (down 48.0 % from 7/18)
Closed Sales - 1314 (up 2.3% from 7/18)
Days On Market - 47 (0% from 7/18)
Median Sales Price - $224,000 (up 3.6%% from 7/18)
Percent of Asking Price Received 98.4% (0% from 7/18)
Months Supply of Inventory - 4.6 (up 35.3 % 7/18)
The number of new listings rose 12.8% to 1842 homes. Pending sales decreased 48% to 635 homes. Home prices have gone up 3.6% The number of days on the market to sell has stayed the same at 47. The number of closed sales this July compared to last July has gone up 2.3% months supply of inventory has gone up to 4.6 months. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
Obviously, the supply of homes has increased relative to demand. The market is still considered a seller’s market because the month's supply of housing is still under 5 months. It will be interesting to see how the market performs during the month of August.
If you are thinking of selling your home, it is important in the market to price it correctly. The <a href="https://www.jeffcookrealestate.com/blog/get-to-know-our-greenville-agents/">real estate experts</a> at Jeff Cook Real Estate have the knowledge and experience to position your home well in this market. If you want to purchase a home, Jeff Cook can find you the best option. Visit us at 864value.com today!
Stay up-to-date and check out the <a href="https://www.rate.com/research/greenville-sc">most current Greenville market updates</a>!2019-08-22T07:03:00-07:002021-01-22T09:54:46-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6016June 2019 Charleston Real Estate Market UpdateJune 2019 Charleston Real Estate Market Update
At this point in the year, 2019 is shaping up to be a good one for buyers to find a home. The real estate market is in a good phase at the moment with no indications of upcoming imbalance. Millennials have made up the majority of those taking out recent mortgages and they continue to look for homes.
Interest rates have dipped and the rise in home prices has slowed, which is positive news for home buyers. There is still a limited supply of houses, especially for those at a lower price point.
June 2019 Charleston Real Estate Monthly Statistics
New Listings - 2,192 (down 4.4% from 6/18)
Rending Sales - 1928 (up 11.9% from 6/18)
Closed Sales - 1923 (down 1.3% from 6/18)
Days On Market - 52 (up 6.1% from 6/18)
Median Sales Price - $289,787 (up 7.3% from 6/18)
Percent of Asking Price Received - 96.5% (-0.3% from 6/18)
Months Supply of Inventory - 3.7 (down 5.1% from 6/18)
The number of new listings in the Charleston area dropped in June, and in general, the rate of homes coming on to the market is slowing. This is, as we said, not great news for buyers. The number of pending sales is up 11.9 % from last year at this time, which could be explained by the drop in interest rates. That number means we should see a jump in the number of closed homes in July. Along with this good absorption rate, the slow down in the rate of new listings coming on to the market will keep us in a seller’s market. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
The median sales price has gone up and the percentage of asking price received has stayed been hovering at around 96%. The month's supply of inventory has been edging downward, which means that it is a good time to <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">sell your home</a>.
Here at Jeff Cook Real Estate, we had a phenomenal month and closed 156 Sales in June. We have many more eager buyers wanting to purchase. It is an excellent time to give us a call to list your home. Call-855-HEY-JEFF today.
Stay up-to-date and check out the <a href="https://www.rate.com/research/charleston-sc">most current Charleston market updates</a>!2019-07-25T07:45:00-07:002021-01-21T14:31:31-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5291Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/1451/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">sell your home</a> can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a <a href="https://www.jeffcookrealestate.com/blog/8-mistakes-to-avoid-when-selling-your-home/">huge misconception in the housing industry</a> and can cause homeowners to miss out on opportunities.
Selling in the winter can give you <a href="https://www.zillow.com/sellers-guide/selling-house-during-winter-holidays/?109802732800dsa-735002237472459688491282">a few advantages</a>. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to get your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2019-07-18T11:33:00-07:002021-01-21T14:23:26-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5290Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/1451/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/">The mortgage market</a> is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
<a href="https://wallethub.com/edu/hl/mortgages-and-the-economy/117/#:~:text=When%20the%20economy%20is%20strong,lead%20to%20an%20economic%20boom.">Mortgages and the economy are highly connected</a>. The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs.
Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage. <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">Move to South Carolina</a> and let the expert Jeff Cook Real Estate Team help you throughout the entire process!!2019-07-18T11:32:00-07:002021-01-21T13:51:50-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5288Will Increasing Mortgage Rates Impact Home Prices? <img src="https://assets.site-static.com/userfiles/1451/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on<a href="https://wallethub.com/edu/hl/mortgages-and-the-economy/117/#:~:text=When%20the%20economy%20is%20strong,lead%20to%20an%20economic%20boom."> home prices in relation to mortgage rates</a>. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/">your mortgage</a>, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together. <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">Make the move to South Carolina</a> and our team of experts will help you every step of the way to navigate the housing market.2019-07-18T11:26:00-07:002021-01-21T13:28:35-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6012Deciding If and When to List Your HomePutting a home on the market is one of the most significant life decisions many of us will ever make. It has all kinds of implications—financial, social, geographic, and more—and it can often require months (sometimes years) of planning, prep, and consideration. It’s no wonder, so many homeowners hesitate to list their property.
There is a multitude of reasons why you might want to sell—upsizing, downsizing, relocating, liquidating a vacation or investment property asset, avoiding future financial or foreclosure issues. The more pressing the reason, the more motivated you’ll be. But the majority of us teeter between the desire to sell, and the uncertainty of what’s in store when we do.
What if your home sells quickly, and you don’t have a plan for your next purchase or rental? Will you be able to afford the repairs required to get your current house in selling shape? What about the closing costs—are you prepared to handle any unforeseen, additional costs that may come your way?
There is plenty of good news that can assuage some of those concerns. Here are several, straight from the experts at Jeff Cook:
We’re currently cruising through the<a href="https://www.hgtv.com/lifestyle/real-estate/adapt-your-home-to-its-selling-season"> best home-selling season</a>. Hello, spring!
Based on data analysis, Zillow concluded that early- to mid-May is the absolute<a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/"> best period to sell</a>.
Why?... Because those who sell during the first half of May can statistically expect a higher price ($2,400 on average) and a quicker sale than they would have gotten listing at another time of year.
With so many people moving to the Lowcountry and buying property, housing inventory is low. There aren’t enough homes on the market. Yep, that’s right—Charleston-area community members NEED you to sell (and they’re likely to sweeten the deal when you do as a result).
So if your anxiety reaches all-time high thinking about whether or not to sell (and when), consider these helpful facts. They could be the motivators you need to fix your place up, then list, show, and sell it quickly for the top asking price... And our agents make up the <a href="https://www.jeffcookrealestate.com/blog/meet-the-sell-squad/">perfect team of experts</a> to guide you along that journey. Call us today to see how we can help.2018-06-04T07:34:00-07:002021-01-25T12:32:33-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6051 The Time is Now...<img src="https://assets.site-static.com/userfiles/1451/image/Buy_A_Home_Now.png" width="1200" height="800" alt="Buy A Home Now" />
Are you annoyed of hearing your neighbors through the thin walls of your apartment? Do your dogs need a yard to roam in? Are you tired of paying your landlord's mortgage? Have the kids moved out and left you with too much room? Is it becoming a pain to clean so much square footage?
Regardless of if you're a first time home buyer trying to get out of apartments and rentals, or a homeowner needing to upsize for a growing family or downsize once the children have moved on, now is the time to make your move.<a href="https://www.investopedia.com/mortgage/mortgage-rates/housing-market/"> Interest rates</a> have already increased by 1%. As I wrote last month, every 1% increase in a mortgage rate can reduce your borrowing power by 10%. Before the rate hike, let's say you were approved for a $200,000 home. After the hike, you can now only borrow $180,000. As the rates continue to increase, your loan will continue to decrease. The bottom is gone. We don't want you to be one of those folks that don't understand it or don't jump in time, and have to experience high rates or just not even be able to buy your dream home. Your credit score can greatly influence borrowing power as well. Check out our tips on <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">how to improve your credit score</a>!
What does this mean for a home seller? The buyer pool is dwindling as people are finding out they can't afford as much of a home as previously thought. Say your home is worth $200,000. The buyer we previously mentioned who could have bought your home a month ago is now unable unless you are willing to take a $20,000 hit. Plus, if you are selling to buy another home, your borrowing power just decreased as well and you may need that $20,000 in escrow to put down on your new house.
Again, if you are on the fence, get off of it! If you are thinking about selling, <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">do it</a>! Do it before you get double whammied, meaning that there will be fewer buyers because of the higher rates plus you'll be paying more interest to buy your next home. Let's talk and give us a call at 855-HEY-JEFF today!2017-01-09T12:02:00-07:002021-08-30T12:39:37-07:00Thomas "Jeff" Cook